iii introducing quarterly £20 charge

boneofo

III are sitting on ISA transfers going into 2 months.
Some of these customers are being told transfer fee won't be waived and all trades will be charged. Also, if you make a trade, the clock starts again regarding ISA transfer deadline.
But other customers are being told the opposite.
Lies or poor training ?

Jegersmart

I ended up giving notice on 30th July and was told that it was too late to transfer out for free, they had to be contacted by the new broker by COB 31st July - which did not happen:D

The 20gbp cha<rge will not make much diofference to me, but I realised that I had other options for trading international instruments so decide to clean up a bit. I realise I have had my account with them for over a decade!

J

JohnRo

I'm still waiting for a £10 commission refund into my bank account as per their new charging policy promise and verification by PM when I still had an account. That was scheduled for the 28th July from an account closing trade made in mid June.

My account has since been cancelled so it looks like an email then a phone call if nothing turns up soon. I reckon they're struggling to cope with the changes they've introduced and the reaction it has caused.

mulronie

JohnRo wrote: »

I reckon they're struggling to cope with the changes they've introduced and the reaction it has caused.

Agreed, from what I gather speaking to them it's a skeleton crew up in Glasgow anyway, so they're probably snowed under with refunds etc - and I can't imagine it's a great working environment these days where every other phone call is a customer transferring out and cancelling their account.

drewstew

I am fuming! I checked my account yesterday and saw an unexplained withdrawal of £20 against my debit card. Yes, III. I have an ISA I started with them in 2010 for savings I had no immediate need for. I'm pretty confident I have not actually accessed the trading account since, as I keep track of the shares' value elsewhere. I emailed III asking for an explanation of the money taken from my account and received an offhand reply advising me the information was "posted in customer accounts..." and a link to the new charging structure. I followed this up asking them to define "posted in customer accounts" and they say they emailed every customer. I did not receive any email from them. I have raised a complaint with them and advised them I will take this through the Financial Ombudsman and Small Claims Court if necessary. Interested to hear from any others how their complaint is dealt with.

Greengem

What a thieving bunch of *$$*&£&*'s.

They send me so much spam that my email has been filtering out their emails informing me of secure messgaes and hence I didn't get the ealier messgaes telling me that they are going to start ripping me off.

So a £1,000 share investment which was welcomed by them for free, to invite using their dealing services, which I'm sure everyone would use eventually to sell, will now be charging 8% per annum in charges for no service whatsoever.
This makes the pension charges, Labour are blethering on about, look microscopic.

To compound my pain I had until yesterday to transfer my shares out if I didn't want to be robbed by their, slip in the back door, extortinate charges.

I suppose it's my own fault for not watching them more closely. I knew the sort of outfit they were.

Greengem

I trust you were at least able to exit free of charge and got your £20 fee returned.

Alas, it looks like I will be too late.

Linton

To provide a bit of balance.

I received full prior notification of the charges and have just bought a couple of shares for my HYP, so that's the first quarter charge nullified. In addition I bought a fund so hopefully should be seeing a return of charges at some stage. It all seems perfectly reasonable - in my view it's much better that charges are made transparent. There is no such thing as a free lunch anywhere, not in the long term anyway.

Needless to say, I am staying with iii.

a&akay

Got all my share certificates from them by post today and all correct.

afwone

Linton wrote: »

Needless to say, I am staying with iii.

The way that iii imposed charges was a disgrace, and the consequences apalling for those customers with tiny share holdings (a type of customer they had targetted and lured in with offers of free dealing costs, etc).

I decided to jump ship myself in the window iii offered, more because of the chance of avoiding the hundreds of pounds they would otherwise charge in the future to transfer out my various shareholdings. I am now almost, but not completely transferred over to XO.

That said I do have lingering regrets. If I had kept my iii account and transferred in to them funds that are in a separate HL account, I would be better off overall. Also I was able to subscribe to certain IPOs through iii (eg new corporate bonds) a facility that I find XO does not offer. I would not rule out opening an iii account in the future, and will probably make up my mind once I know how HL will levy new charges.